THE MOR3SING OREGOXIAX, MONDAY, MARCH 21, 1021
GUI
EH
ET
00
Ofj PACKERS
WAGE
ach Side Prepares to Pre
sent Grievances.
GOMPERS HEARS UNIONS
iloral Sopport of Federation Is
Given Employes in Demand
to Stick by Agreement.
WASHINGTON'. March 20. Repre-
eentatives of the five big packers and
of their union employes tonight pre
pared for tomorrow's conference with
Secretary Davis over the controversy
arising from the packers' decision to
reduce wages and alter working con
ditions.
Dennis I-..me. secretary of the
Amalgamated Order of Meat Cutters
and Butchers' Workers, and K. s.
iirennan, attorney for the order, who
will represent the employes, tonight
conferred with Samuel Gompers and
Frank Morrison, president and secre
tary of the American Federation of
Labor.
l'resident Gompers announced that
the employes would have the moral
support of the federation in their at
tempt, as labor leaders said, to compel
the packers to observe the wartime
working agreement.
Importance la Attached,
Representatives of the packers,
Carl Meyer and J. L. Condon, have
presented their side to Secretary
Davis. The employes will be accorded
a similar hearing by the secretary to
morrow.
Labor officials attached consider
able importance to the conference,
which might set a precedent for set
tlement of controversies Involving
discontinuance or abrogation of war
time agreements. The proceedings
and the results attained by Secretary
Davis will be watched closely also in
official circles.
Mr. Gompers declined to Indicate
whether the federation would give
more than "moral support." It was
said further action would require the
vote of the executive council.
Strike Decfxion Announced.
Mr. Lane conveyed to President
Gompers and Secretary Morrison the
decision of the organized employes In
the packing industry to strike if
necessary to assist the meat cutters
and butchers union in obtaining con
tinuation of the war-time agreement.
It was stated definitely that the un
ions' Instructions would admit of no
withdrawal of the insistence of the
employes that the packers reinstitute
the arbitration agreement adopted
during the war. The union delegates
were expected to put this point even
ahead of their objection to the wage
reduction of from and 15 per
cent.
"The one big point Involved." Mr.
Lane said, "is the validity of our
contract. This is the real question."
aiCRDEH OP CIICM RECALLED
"WITHOUT KMOTIOX.
Mother Told Xot to "Worry by Youth
"Who Says He Don't Know Why
He Committed Crime.
WARSAW, Ind March 10. Mrs.
Lydia Decker, mottier of Virgil
Decker, 18-year-old boy who has
signed a confession in which he de
clared that he alone was responsible
for the death of Leroy Lovett, his
chum, was permitted for the first time
Sa.urday to visit her son since his
arrest Tuesday. Mrs. Decker was
accompanied by Mrs. C. B. Moon, wfe
of the county sheriff.
The boy, who told Mrs. Moon, ac
cording to her story of events leading
up to the confession, that his only
reason for attacking Lovett was that
"the devil told me to do it and I just
did it," met his mother with no dis
play of emotion.
"Don't worry, mother. It's done and
I don't know why I did it," was his
greeting. She remained with the boy
only a short time.
Til DIE Hi GREAT BLAST
FOUR MISSIXG IX EXPLOSIOX
at SOUTH CHICAGO.
Spontaneous Combustion Assigned
as Reason for Destruction
of Armour Elevator.
CHICAGO. March 20. Two persons
are known to be dead and four others
are missing in the grain dust explo
aion which rocked South Chicago last
night and wrecked one of the world's
largest grain elevators.
The second body was round today.
Officials of the Armour Grain com
pany, which operated the elevator,
said it might be several days before
It could be determined definitely how
many met death. Besides the two
bodies recovered, only four men were
unaccounted for. All of the victims
were employes.
J. C. McDonnell, chief of the fire
prevention bureau, said his investiga
tion had convinced him the explosion
was due to spontaneous combustion.
Engineers said damage to the ele
vator would approximate Jl, 500. 000.
Thj value of the grain destroyed was
estimated at fl, 000,000.
KEXTUCKIAX CHARGED WITH
BEATING WIFE.
Divorce Is Granted Woman; Ac
cased Man Leaves Pastorate
and Is Fugitive.
LEXINGTON. Ky.. March 20. (Spe
cial.) News from Prest nsburg, Ky.,
tonight says the grand Jury there
bas Just returned an Indictment
against Rev. E. S. Forester, one of the
most ' prominent young Methodist
minister in the eastern part of the
state, charging him with assault and
battery upon his wife.
The indictment recites that For
ester did unlawfully and wilfully as
aiult, beat and bruise Mildred For
ester, his wife, with his fists and
hands and other things to the grand
Jury unknown." i
The circuit court gave Mrs. For
ester an absolute divorce, restored her
maiden name -and gave her custody
of their child, aged four. Rev. Mr.
Forester has left I'rcstonsburg, where
he was pastor of a leading church,
and his present whereabouts is said
not to be known. The Foresters had
been married about five years. They
were social leaders, ehe being the
daughter of a noted church and social
worker and be equally as prominent.
After a time reports became curren
that Forester was llltreating his wife,
and last fall he was arrested, charged
with beating her. though Mrs. For
ester refused to appear against him
when the case came up. Evidence
was secured, however, which resulted
in the indictment.
Immediately following his arrest a
few months ago a crowd menaced
him and an attempted assault was
frustrated only by strong measures,
He left the town soon afterward.
HARDING WHETS AX
TO USE IT OM TAX
GOMPERS FLAYS HEARST
ATTEMPTED COXTROL OF LA
BOR IS CHARGED.
Refusal of Federation Sopport Is
Said to Have Aroused Editor
to Destroy Leaders,
WASHINGTON, D. C. March 20.
Samuel Gompers has launched an at
tack on William Randolph Hearst,
newspaper publisher, in the Jredera'
tionist, official organ of the Ameri
can Federation of Labor. Mr. Gom
pers says that for years Mr. Hearst
"personally, politically and through
his newspapers, has undertaken to
control the labor movement and those
who speak for it."
He asserts that "when Mr. Hearst
aspired to the presidency" he sent a
representative to Mr. Gompers "with
a view to chaining him to his presi
dential chariot," but that Mr. Gom
pers declined.
"When it dawned on him that the
people declined to follow the fortunes
or misfortunes of Hearst's political
aspirations," Mr. Gompers continues.
"he has endeavored to undermine
their Influence and destroy them.
"bo he has begun a repetition
through his newspapers of the slan
derous and contemptible attack on
the character and work of the presi
dent of the American Federation of
Labor and his associates. His real
enmity is not necessarily against
those officers of the labor movement,
but the hope of minimizing or elimi
nating the American Federation of
Labor itself."
INDUSTRIAL UNITY URGED
WAR BOARD RECOMMEXDS
ECOXOMIO COMBIXES.
Government Controlled Production
and Distribution of Goods
Would Benefit Public.
WASHINGTON. D. C. March 20.
EncoHiragement by the government of
permanent, intimate combinations or
associations in industry, under feder
eral supervision, was recommended in
the final report oi the war industries
board, just completed by B. M,
Haruch, chairman.
The report holds that great public
benefit in the way of prices and
abundance of goods, resulting from
economies in production and distribu
tion, are capable of being effected
through the mutual co-operation of
members of industrial groups, as was
done during the war, and that the
government policy of enforced Isola
tion and costly competition is not
conducive to the general welfare.
Pointing out that the same power
born of association that makes for
potential benefit also may make for
potential injustices, the report recom
mends that there be created a gov.
ernment agency, which shall super
vise such associations.
The report recommends that purely
i a civic measure legislation be
adopted permitting the continued
functioning of the industrial group
represented by the war service com
mittees and the related associations
of manufacturers whose establish
ment was forced by the war exigency."
TWO HURT BY AUTOS
Accidents Follow Closely After
Rain Starts to Fall.
Two persons were injured' in auto
mobile accidents which followed in
close succession after it began to rain
ast night. On account of adverse
weather condition and lack of proof
showing negligence, no arrests were
made.
D. Moromoto, who runs a general
stora at Russellville on the Base Line
road, was painfully bruised when his
automobile crashed into another,
driven by C. J. Vaughan, 5021 Thirty
second avenue Southeast, at Thirty
ninth and Burnside streets. Moro
moto' car was wrecked.
William Schmale, 79 years old. 461
West Park street, was struck by the
automobile driven by Earl George
of Laurel, Or. Schmale was waiting
board a streetcar at Sixth and
Jackson streets when he was struck.
Numerous bruises were treated at
the city emergency hospital, after
which he was sent home.
TREES SET IN MEMORIAL
Four Oaks Grange Keeps Memory
of Former Members Green.
EUGENE, Or., March 20. (Special.)
A memorial tree for each member
of the Four Oaks grange of Bailey
Hill who has passed away since the
era nee was organized a number of
years ago was planted on the grange
lot at the regular meeting of the or
ganization yesterday afternoon. O. L.
Hall made appropriate remarks dur
ing the ceremony.
In memory oi j. tt. JDuniap the
grange planted a madrona, for Ed
Nicholson cedar, for Ella Bailey a
maple, for itosa A. iiau a nr, tor B.
H. Hawkins 'an ash, for Ed Wellborn
a cedar, for Samuel Boyd a madrona.
Effort to Lighten Burden Sure
to Be Made.
TARIFF IS LESS TROUBLE
One May Add Paltry $300,(00,000
to Income While Other Affects
$4,000,000,000 Revenue.
Government Experts Welcomed.
SALEM, Or.. March 20. (Special.)
David J. Price, in charge of grain
dust explosion Investigations for the
government; W. A. Noel, engineer of
the division of dehydration, and Ray
Powers, investigator for the United
States bureau of agriculture, arrived
here yesterday from Washington to
nspect the local fruit-processing
plants. During their stay here they
were guests of the Oregon Growers'
Co-operative association. Mr. Powers
devoting much of bis time to
dehydration experiments at Oregon
Agricultural college.
S V
8. A H. green (tamps for cash.
Holman Fuel Co., coal and wood. Main
153. (60-21 Adr.
Best grades coat, prompt delivery
Clamocd Coal Co, Bdwy, lOSiAd
BY ROBERT T. SMALL.
(CopyriBht, 192t, by The Oregonian.)
WASHINGTON,- D. C. ' March 20.
(Special.) A preliminary survey by
the new administration has disclosed
that the chances of cutting down gov
ernment expenditures in the next fis
cal year are relatively small, and yet
an effort must and will be made to
lighten the tax burdens of the people.
The problem, however, of main
taining the present ratio of govern
ment increment and at the same time
granting a material reduction in the
ratea of taxation, both to corporations
and to individuals, is a staggering
one.
President Harding has listened to
many plans from many persons, but
most of them have been theoretical
rather than practical.
Dilemma Faced by Harding.
It is no secret that the administra
tion frankly is in a dilemma as to tax
ation, and the republican leaders of
congress, who have had to grapple
with the problem for the last two
years, are wondering how they can
make a better showing for President
Harding than they had any particular
desire to make for President Wilson.
Realizing that the appropriations
of the last session would be charged
to the Harding administration, the
congressional leaders worked hard to
cut them down. They were able to
lop many millions of dollars oft the
departmental estimates, and the at
tempt to save, was a praiseworthy
one. However, it offered no hope for
the sort of cut in taxes which a ma
jority of American people are expect
ing under republican control of gov
ernment machinery.
Great Rumpus Is Raised.
There has been a great rumpus In
Washington the past week as to
whether the tariff or taxation should
have the right of way in the forth
coming extra session of congress, but
it can be stated as a fact that the
tariff as a fiscal problem is giving
the president nC particular worry at
all, whereas the tax situation is keep
ing him and his advisers awake at
night.
The relative importance of the two
subjects can be gauged by the fact
that the upward revision of the tariff
involves the possibility of adding
something like a paltry $300,000,000 to
the annual revenues of the govern
ment, while tax revision touches a
revenue of $4,000,000,000.
Taken alone, the increased revenue
from imports will not go far toward
making an appreciable reduction in
the nation's tax bill.
Profits Tax Held Doomed.
The goal toward which the admin
istration and the congress leaders
are looking is a revision of taxes
without a reduction of Income. Just
how this 's to be accomplished, Just
how the heavy tax levy can be made
upon the people without the people
knowing it, is the problem which
awaits solution. The administration
is pledged, and it has been asserted
that good business dictates that there
shall be a repeal of the excess profits
tax, a reduction in the higher sur
taxes and a wiping out of certain
consumption taxes.
Representative Mondell of Wyoming,
floor leader of the house, frankly
declares that he does not pretend to
know what other sources of internal
revenue it might be wise to tap in
order to provide in part at least for
the loss of revenues should this
Dledse be carried out. The sugges
tion of the repeal of the excess profits
tax and the reduction in the surtaxes
on larger Incomes Is not a partisan
one. It was made by' the Wilson ad-
inlstratiun, but was not acted upon
by congress.
Mellon Is HardlnR's Hope.
In the dilemma which confronts
him. President Harding is looking to
one man above all others to find a
way out of the vexations of taxations.
This new political Moses is none other
than Andrew W. Mellon or. .Pittsburg.
secretary of the treasury. Jfr. Hard-
ne knew that the financial problems
of his administration would be the
most strenuous that he would have to
meet and it was with this tnougnt In
mind that he sought the service of
Mr. Mellon in his cabinet.
The president jooks on Mr. Mellon
: little short of a miracle man in
matters of finance, and he feels that
f anv one person in tne country has
the poise and the ingenuity to lead
the government to a safer and saner
financial basis, his secretary of the
treasury is that individual.
In d scussing nis cnoice or Mr.
Mellon recently. Mr. Harding said he
enjoyed the reputation of being able
to plunge into a chaotic financial sit
uation ana Dring ii 10 oraer ana
ranquillity In the snortest possible
space of time. Mr. Mellon, the presi
dent said, seems gifted witn the
magic touch of success.
Great Institution Headed.
It is said of him that he has never
failed in any undertaking. Reputed
to be the second richest man in the
United States, a veteran in the bank
ing business and accustomed to han
dling big business situation., Mr. Mel
lon just now heads the greater, finan
cial institution in the world and Mr.
Harding has confidence that he will
administer it with the same consum
mate ekill which has marked his ca
reer in the business world.
But Mr. Mellon has been among the
first to warn congress and the people
that heavy government appropria
tions are to be needed this year and
next; that no one great cut can be
made, and that a return to lower ex
penditures and lower taxes is a slow
process in which each man and wom
an must do his or her part.
President Harding, in his Inaugural
address, also warned the people
against expecting too much.
Reduction Is Promised.
"We can reduce the normal expend
itxres and we will," he said. "We
can strike at war taxation and we
must. We must face the grim neces
sity with full knowledge that the
task is to be solved, and we must
proceed with a full realization that
no statute enacted by man can repeal
the Inexorable laws of nature. Our
most dangerous tendency is to ex
pect too much of government, and at
the same time do for it too little,"
Mr. Harding, however, says the
people are crying for tax relief. He
knows they are expecting a very big
cut, and he is keen enough poli
tician to know that failure to grant
this relief on the part of the repub
licans will mean a hard fight in the
next congressional elections. How to
grant thp relief is a problem which
will keep congress for a Ions time
next summer.
Navy Pollry Bars Cot.
Mr. Mondell and other leaders had
hoped to cut the navy and army ap
propriations down to the very bone,
but the new policy of a big navy as
the best means of insuring peace, has
knocked out this possibility.
The postoffice department has
called for greater appropriations in
order that an underpaid personnel
may be given increases in salary.
Congress faces the task of granting
some sort of soldier relief, by bonus
or otherwise.
Governmental economy and effi
ciency through the consolidation of
bureaus and departments can be
achieved only after the most pains
taking effort.
Wherever an obvious saving Is en
countered, the amount involved is
so small as to be well-nigh negligible.
The demands, on the other hand, are
always great.
CONTRACTS HELD VALID
HOOVER WILL MAKE FIGHT OX
CANCELLATIONS.
Tendency of Foreign Buyers to
Wriggle Out of Agreements
Hurts Export Trade.
WASHINGTON, D. C. March 20.
Attention of the department of com
merce is to be given to the problem
of cancellation of contracts for Amer
ican exports by foreign buyers. Sec
retary Hoover indicated today. So
far he has not gone fully into the
question, which is allied with the
problem of bolstering up American
exports.
Wholesale cancellations of con
tracts by foreign buyers after goods
shipped had reached their destina
tions have been reported to the de
partment of commerce from abroad.
Price declines have been responsible
for the cancellations, officials said.
Adverse exchange conditions have
been a cause of cancellations, it was
said, and the situation nas not been
confined to American goods, but has
been world wide.
The federal reserve board Is also
watching developments in the can
cellation situation, and Is understood
to be collecting reports. The possible
adoption of a new form of contract
may grow out of the situation, Mr.
Hoover suggested.
Business ethics, officials said, are
strained to the breaking point by a
contract which makes a buyer bear a
heavy loss because of a sharp de
cline before delivery can be made.
Some exporters, officials said, have
adopted the practice of guaranteeing
against price decline by allowing the
buyer a difference in price.
Acceptance of American shipments
must be made certain, however, ac
cording to foreign trade experts, if,
exports are to be stimulated to the
extent needed by the country's industries.
ROADS HAVE PLAN
TO SAVE MILLIONS
Outline Will Be Filed With
Senator Cummins Today.
LOWER RATES PREDICTED
ANTI-SfiLOONISTS WROTH
PROPOSED SALE OF BEER IS
CAUSE OF IRE.
Counsel for League Announces It
Will Fight to Overrule
Palmer Opinion.
WASHINGTON. D. C. March 20.
The Anti-Saloon league 'is prepared
to fight until the opinion by former
Attorney-General Palmer holding that
beer may be prescribed as a medicine
is overruled, Wayne B. Wheeler, gen
eral counsel for the league, announced
tonight.
"It is an astounding proposition
that beer can be sold at soda foun
tains, with all that it implies." Mr.
Wheeler said, in reference to a state
ment by Mr. Palmer as to the effect
of his opinion. "This last statement
makes clearer than ever the vice in
the opinion."
Mr. Wheeler declared that even if
beer may be prescribed as medicine,
the law required the utmost care by
a physician and the keeping of a
careful record of prescriptions.
"No one but a licensed pharmacist
may fill the prescription." he con
tinued. "The doctor or druggist may
have his permit revoked if he vio
lates the law. These restrictions will
prevent sale of beer at soda foun
tains. The hazard will be such that
reputable physicians and druggists
will refuse to handle this booze medi
cine in most places."
Mr. Wheeler made public a tele
gram from Frank Blair, president of
the National Proprietary association,
saying that "in common . with the
entire drug industry, we are opposed
to sale of beer through the drug
trade."
PRESS MEETING IS SET
Summer Seaslon of Washington Or
ganization July 15, 16 ana 17.
CHEHALIS, Wash., March 20.
(Special.) The summer session of the
Washington State Press association
for 1920 will be held at Paradise
valley in Rainier National park July
15, 16 and 17, according to announce
ment made by C. Ellington of Che
halia, president of the organization.
Dates gaven are tentative, but will be
permanent If weather and other con
ditions do not interfere.
It is expected that by holding the
meeting about the time suggested
accommodations will be easily ob
tained for the large number expected
to attend.
GREEK TROOPS CALLED
King Says Step Is to Protect Rights
. in Asia Minor.
ATHENS. March 20. (By the Asso
ciated Press.) A royal decree was
issued today calling three classes to
the colors.
King Constantine, in a message, ex
plained that the measure was adopt
ed to insure greater protection to the
Greeks in Asia Minor, pacification of
the near east and to assist the allies
to secure execution of the peace
treaty with Turkey.
PARIS, March 20. Reports were
current today in diplomatic circles
that thA Greeks werA nronapfn o
great offensive against the Turkish
nationalists.
Body Received From France.
EUGENE. Or.. March 20. (Special.)
Robert Paeschke of Junction City
has received a telegram from the
graves registration service of the
nrmv informing him that the bodv
of his son, who was killed In action
in France, has arrived in New York
Citv and will be forwarded to Junc
tion City for burial as soon as Mr.
Paeschke sends formal authorization.
which, he. aid. yesterday.
Schemo Said to Include Advanced
Methods of Railway Trans
portation and Economy.
WASHINGTON, D. C, March 20.
(Special.) Advanced methods in con
ducting railroad transportation, which.
it was stated, will insure annual sav
ings of millions of dollars, increase
facilities and service and lower rail
road fares and rates, will be filed to
morrow with Senator A. B. Cummins,
chairman of tne senate committee on
interstate commerce.
These plans were presented in a
printed statement issued by S. Davies
Warfield, president of the National
Association of Owners of Railroad
Securities, accompanied by numerous
exhibits. In a separate letter to Sen
ator Cummins, Mr. Warfield pointed
out that unless Intensive economical
methods in railroad administration
were adopted, there is no alternative
but government operation, followed
by government ownership, although
the country has given overwhelming
evidence of being opposed to it.
Representatives of the association
will later appear before the senate
committee to present formally the
plan in further detail. Senator Cum
mins has announced his intention to
ask congress to authorize an investi
gation into the causes of the unsatis
factory condition of the railroads.
Oncamlzatlon Is Formed.
An organization is to be formed by
congressional act which, it was stated,
was advocated by the association be
fore the committees of congress in
1919, when its suggestions were made
leading to the provisions in the trans
portation act for the adjustment of
rates to yield 5 to 6 per cent on the
aggregate value of railroad property,
with a division of excess earnings;
also the emergency powers given the
commission to divert cars during
freight congestion, and control over
division of freight rates.
The proposal for this organization
to insure intensive economies was
not then acted upon by congress, al
though it was stated to be essential
to give full effect to the other sug
gestions of legislation adopted. It is
auxiliary to the Esch-Cummins act,
which, it is stated, is absolutely es
sential to the life of the railroads,
and but for declining tonnage, would
have produced normal revenue. Re
sults now desired, it was said, can
only be accomplished through the con
tinued operation of that act, the rate-
making provisions of which are in
dispensable.
Machinery to Be Coordinated.
The existing machinery of trans
portation. as far as practicable, is to
be co-ordinated through the organiza
tion, by act of congress, first to pur
chase cars and other equipment to be
furnished to the railroads on an
economical basis, without profit, and
second as the means for coordinating
facilities and service.
The plan briefly summarized pro
vides:
The Interstate commerce commission to
select five from anions Its members to
constitute the service division. This divis
ion to have supervision and initiatory and
regulatory powers to be exercised through
the board or staff of the national railway
service.
A board of 40 members subdivided Into
two divisions finance and administrative,
and railroad officials, 110 members each.
A chairman, four vice-chairmen, treas
urer, secretary and other officials. An ex
ecutive committee of 11 members.
Four group railway boards each organ
ised and selected from and by each group
of railroads as now constituted by the
commission in each of the four rate terri
tories into which the commission has di
vided the country. Four boards in all, each
to consist of seven members, five selected
by the railroads of each group and two
from the shippers in each group territory.
(The 20 officials forming these four boards
will serve as the railway officials division
of the national railway service board.)
Ten committees of five members each to
co-operate with each of the four group
boards snd selected from the railroads of
each group. This means four group rail
way boards and 40 committees in all. These
committees will cover a large range of
investigation and report, included in which
are: Normal equipment requirements of
each railroad; additional equipment to be
leased from the national railway .-ervice;
standardization of equipment; useless ex
penditures incident to wasteful compe
tition; a study of joint use of terminals,
yards and shop facilities; surplus property
not required In legitimate transportation:
cost of carrying; purchase of fuel and sup
plies; application or standard of eflicency
in railroad operations; working conditions,
wages, etc.
The national railway service corporation, 1
recently organized by the association of
SAFETY and PROFIT
To correct an erroneous impression seemingly prev
alent in some quarters, we restate the following:
The authorized capital stock of the
Portland Vegetable Oil Mills Company is
ONE MILLION DOLLARS, all common ;
ONE HUNDRED DOLLARS A SHARE.
These shares are sold for 10 cash with
subscription and 15 monthly for six
months on call of directors.
In the inception of the company we
stated definitely that our new plant
would not be located in Portland until
$700,000.00 of our capital stock had been
subscribed. This has been exceeded and
we are now building our plant.
At no time have we made a statement
that we would not make offerings of
further amounts of our capital stock.
We can profitably use a large working
capital which is the surest foundation
for ample bank credit when needed.
v Our plant now under construction will
have a capacity of crushing 100 tons of
copra per day. The normal price of
copra is in excess of $100 per ton. Our
plant will crush in excess of $10,000.00
worth of raw material per day, or over
$250,000.00 per month. The develop
ment in the uses of the products we will
manufacture is unlimited.
There will be times when we will have
as much as $1,000,000.00 invested in
copra and other raw materials, and in
our finished products ; financed mainly
under bankers' credits backed by our
company's assets, including ample work
ing capital.
We are, therefore, selling the last of-'
fering of our capital stock at this time
to avail ourselves of approaching needs
of purchasing large quantities of copra.
The profits on our operations which
should be available for dividends to stock
holders and for general surplus have
been carefully estimated and are based
on past results of Portland's former veg
etable oil plant and will be furnished
upon request. The operations of our
plant will be conducted with the utmost
economy.
In estimating our profits we have
eliminated the excessive profits made in
the vegetable oil industry during the
period of the war.
Our financing has been and is clean and economical
We have limited the cost of placing
our stock to 5 of our capital (instead
of the usual 20 allowed by law). This
5 has already been practically recov
ered in savings on purchase of land, ma
chinery, etc., and we expect to begin our
manufacturing operations with tangible
assets, including working capital fully
representing our subscribers' total investment.
This company owes no debts, is not
mortgaged, neither is it issuing bonds
nor preferred (limited dividend paying)
stock.
Our stock is all Common Stock, every
share of which earns its proportion of
the Company's total profits and truly
represents its proportion of ownership
in the Company.
THE FOLLOWING BANKS
Ladd & Tilton Bank
U. S. National Bank
Northwestern National Bank
Bank of California, N. A.
Canadian Bank of Commerce
Hibernia Commercial & Sav
ings Bank
State Bank of Portland
Peninsula National Bank
Broadway Bank
Hartman & Thompson Bank
Peoples Bank
Geo. W. Bates & Co., Bankers
Citizens Bank
Bank of East Portland
Bank of Kenton
Bank of Sellwood
Montavilla Savings Bank
Multnomah State Bank
First Nat'l Bank, Linnton
First State Bank, Gresham
Bank of Gresham
Title & Trust Co.
Peninsula Security Co.
WILL RECEIVE SUBSCRIPTIONS to the last offering of our Capital Stock and
will furnish copies of our new circulars, descriptive of past and prospective earn
ings of this business in Portland. THIS OFFERING IS DIRECT FROM COM
PANY TO SUBSCRIBERS. Full information upon request.
Portland Vegetable Oil Mills Co.
805 Wilcox Building, Portland, Oregon
Phone Marshall 808
H. II. Ward, Director in Charge of Financing
security owners to furnlsn equipment to
the carriers by conditional sale or lease,
Is superseaed by the national railway
service with extended powers for financing
snd leasing equipment under plans which,
it is said, will save many million dollars
in preventing duplication of equipment by
the carriers, now necessary when each car
rier is required to buy its maximum equip
ment requirements. The trustees oi tne
service corporation will serve as the fi
nance and administrative division of the
national railway service board.
It was pointed out that the com
mission had already divided the coun
try into four territories, within
which the respective railroads are
grouped; that rates are adjusted to
meet the varying conditions of the
respective territories and that they
differ in percentage from rates made
in other territories. Iseed of a group
railway board to dispose of matters
affecting the roads of each group.
The excess earnings created under
the transportation act are to be used
in connection with the Bale of trust
certificates of the National Railway
service to provide for the purchase
of freight cars and equipment for
the railroads under the plan proposed.
Equipment will be leased by the serv
ice to the roads to meet seasosta! re
quirements and will thus be used at
different times by different roads,
affecting very great eaving, it is
maintained.
Are yomaifers
womouf?
v Jhenhuy
a pair of
idieifs
Jheywear
longer
Twelve Reasons
me
BARTERS
Do You
Know, Your Money
Long?
Some people have only a spending acquaint
ance with their money. They never keep
it long enough to get to know it and its
possibilities for advancement and success.
They never save because they never stop to
realize the advantages to be derived from
having money in the bank.
Try saving with us. If you have already
started, keep it up. If you have no savings
account open one at once.
$i will open an account.
BANK OF
CALIFORNIA, N. A
A NATIONAL. BANK
Member Federal Reserve System
Third at Stark Streets
PORTLAND OREGON